The global hair care market comprises different categories of products, including: hair straightening and perming products, shampoos and conditioners, hair styling products and hair dyes, utilised mainly by end-consumers as well as salon professionals. Citing a global trend towards increased focus on personal grooming the demand for these items has grown which, in turn, has significantly encouraged the professional hair care market. Given the shifts in consumption patterns the market is expected to grow at a CAGR of 3.84% between 2013 and 2018.
Factors which drive the market forward:
Intelligent advertising campaigns of hair-care products through television ads, gifts upon purchases and value packages, particularly in the segment of conditioners and shampoos have been identified as major market drivers in this segment. Moreover, there is an increased demand for hair styling cosmetics which promise glossy, damage-free hair to young consumers with an increased disposable income, with an increased inclination towards personal grooming. This has led to significant market growth, so much so that the industry experts have asserted that this market world expand by 6.6% every year, until the year 2018. Today, packaging also plays a crucial role in the hair-care market with products being available in innovative containers, attractive shapes and colours, with all information regarding the mode of usage specified on the packaging attracting more and more consumers to indulge in expensive hair-care regimes.
Europe and North America are the largest market areas comprising 30% and 31% of the industry, respectively. They are closely followed by Japan which constitutes about 14% of hair-care industry. While some of the main market regions which dominate this segment include Europe, The Middle East, Africa as well as America, they are closely followed by emerging economies like China and India. However, inspite of the immense prospects, the main challenge to this market is the presence of a looming economic uncertainty that threatens to destroy the growing market space.
Key vendors of the global hair-care industry:
While there are several players that dominate the markets globally several new entrants are also entering the marketplace with innovative and pocket-friendly products and regimes. Moreover, some of the market giants are also marking major acquisitions hoping to capture larger markets. Henkel, a Germany-based organization is to buy three US hair-care organizations for USD 370 million - an acquisition that is expected to provide a firm launch-pad to Henkel in the global professional hair-care industry. Following suite, Revlon Inc. has bought USD 665 million valuation of Spanish hair-care items, using which the company expects to expand its global footprint.
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